Wednesday 19th April, 2017

By Kodjo
Adams/Benjamin Hallo, GNA
Accra, April 18,
GNA - The Money Lenders Association of Ghana has changed its name to
Micro-Credit Association, Ghana (MCAG) with approval from the Bank of Ghana
(BOG), to enable it reposition the industry and serve its customers in an
efficient and effective manner.
Mrs Regina Kumi,
the National Board Chairman of MCAG, said the change of name was to erase the

By Kodjo
Adams/Benjamin Hallo, GNA

Accra, April 18,
GNA - The Money Lenders Association of Ghana has changed its name to
Micro-Credit Association, Ghana (MCAG) with approval from the Bank of Ghana
(BOG), to enable it reposition the industry and serve its customers in an
efficient and effective manner.

Mrs Regina Kumi,
the National Board Chairman of MCAG, said the change of name was to erase the
impression of perceiving money lenders as shylocks or loan-sharks who take
advantage to deceive customers.

She explained that
the change was necessary because the perception in the country and in the
international spheres of money lenders was that of the “old age” money lending
concept as espoused in “Merchant of Venice” which puts members in disadvantage
position with microfinance practitioners.

Mrs Kumi said the
MCAG was one of the umbrella organisations in the microfinance industry in the
country recognized by the BOG and operated under Tier three and four of BOG
categorization of micro finance institutions.

She said one of the
activities of the Association and its members was the granting of micro-credit
facilities to the economically disadvantage citizenry.

“We are committed
to our mission of providing credit to economically deprived individuals and
businesses in a regulated, market-driven environment to improve standards of
living in the country,” she added.

She said the
Association had embarked on media awareness campaign about the change of the
name to impact on society to achieve financial inclusion.

Mrs Kumi stressed
that the Association had a total membership of 681 across the country and had
contributed substantially to socio-economic growth and development in the areas
of health, education, agriculture, trade and commerce.

She indicated that
the Association will continue to serve its customers to expand its operations
and would continue to invest to develop the intelligent, hardworking, and
committed employees since they were the reason for the success of the
Association.

“It was our hope
that the change of name will help us remain competitive in the market and
continue to be the most credible institution to impact positively on the
people”.

Mr Philip Oppong
Mensah, the Deputy Chief Manager of BOG, emphasised the need for all financial
institutions in the country to have a signage for public consumption.

He explained that
the essence of the signage was to educate the public to know whether the
financial institution was legally licensed by the BOG.

“It is BOG’s
directive for every financial institution to display license, certificate of
operation, both borrowing and lending rates and certificate to commence
business to boost the client’s confidence as well as transact business with the
institution,” he added.